Britain’s City watchdog has decided to fine financier Crispin Odey £1.8m and ban him from the UK financial services industry “for a lack of integrity”.
The Financial Conduct Authority says that it believes Odey “deliberately sought to frustrate” the disciplinary processes of his hedge fund, Odey Asset Management LLP (OAM) “to protect his own interests”, following allegations of sexual harassment.
The FCA says: “Mr Odey showed reckless disregard for OAM’s governance, causing OAM to breach certain regulatory requirements. In addition, the FCA considers that Mr Odey’s behaviour towards both OAM and the FCA lacked candour.
The FCA considers Mr Odey’s conduct demonstrated that he is not a fit and proper person to perform any function related to regulated activities.”
Odey has challenged his Decision Notice by referring it to the Upper Tribunal, where both he and the FCA will present their arguments, meaning the regulator’s findings remain provisional.
According to the FCA, Odey used his majority stake in Odey Asset Management (OAM) to oust the existing members of its executive committee just weeks before his scheduled disciplinary hearing in January 2022. After appointing himself as the sole member of the committee, he then indefinitely postponed the hearing, citing his inability to oversee it impartially.
Therese Chambers, FCA’s joint executive director of enforcement and market oversight, stated: “A culture of silence in which allegations of misconduct are not dealt with effectively can put consumers and markets at risk. Mr Odey repeatedly sought to evade and obstruct efforts to hold him to account. His lack of integrity means he deserves to be banned from the industry.”
The FCA’s decision follows allegations reported last year by the Financial Times in collaboration with Tortoise Media, in which 20 women accused Odey of sexual assault and harassment. These claims led to his removal from his hedge fund, and by October 2023, Odey Asset Management (OAM) announced its closure.
Odey has consistently denied the allegations and is currently suing the Financial Times for libel, seeking at least £79 million in damages.
If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.
Terms of Website Use
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned
